Guideline Value for Velmurugan street

Velmurugan street guideline value

The current guideline value of Velmurugan street is Rs 950 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village under the Selaiyur SRO and is classified as Residential Class IV Type - II.

How the guideline value of Velmurugan street has changed

In the 2012 revision, the guideline value was Rs 900 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 603 per sq.ft, marking a decrease of 33%. The value then increased significantly to Rs 900 per sq.ft in the 2023 revision, followed by a further increase to Rs 950 per sq.ft in the 2024 revision, representing a 6% increase.

From 2017 to 2023, the guideline value saw a substantial rise of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 6%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,500 per sq.ft. The median value is Rs 2,200 per sq.ft, indicating that the 2024 guideline value of Velmurugan street is below this median.

• Vembuliamman koil Street: Rs 950 per sq.ft (2024)
• Velachery Main Road: Rs 6,500 per sq.ft (2024)
• Venkatasamy Street: Rs 2,400 per sq.ft (2024)
• Venkatesan Street: Rs 1,600 per sq.ft (2024)
• Veerabedran Street: Rs 1,100 per sq.ft (2024)
• Vedhachalam Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Velmurugan street

For a 1,000 sq.ft plot at the current guideline value of Rs 950 per sq.ft, the total guideline value would be Rs 9,50,000. The stamp duty at 7% would amount to Rs 66,500, and the registration fee at 2% would be Rs 19,000, bringing the total fees to Rs 85,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velmurugan street?

The Sub Registrar Office that covers Velmurugan street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Selaiyur

The guideline value is a crucial factor during the registration of property transactions in Selaiyur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the baseline value of the property. It serves as a reference point for negotiations and ensures compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value of Velmurugan street?

The current guideline value of Velmurugan street is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then to Rs 900 per sq.ft in 2023, and finally to Rs 950 per sq.ft in 2024.

What is the land classification of Velmurugan street?

Velmurugan street is classified as Residential Class IV Type - II.

What are the stamp duty rates applicable?

The stamp duty rate is 7% of the guideline value, and the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Velmurugan street located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.